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Investing.com -- British stocks remained in the red on Wednesday as wider European markets turned mixed and the pound continued to weaken against the dollar, while data showed that the inflation rate slowed in October, coming in slightly above expectations.
The blue-chip index FTSE 100 fell 0.5% and the British GBP/USD dropped 0.5% against the dollar to 1.3072.
The DAX index in Germany gained 0.1%, and the CAC 40 in France was down 0.2%.
UK inflation falls in October, slightly above expectations
UK annual inflation fell to 3.6% in October, down from 3.8% in September but slightly above the expected 3.5%, according to official data released Wednesday.
The latest figure marks the lowest inflation rate since May, though it remains well above the Bank of England’s 2.0% medium-term target. The smaller-than-anticipated decline increases the likelihood that the central bank will cut interest rates at its final policy meeting of the year next month.
FTSE 100 round up
The Financial Conduct Authority (FCA) proposed creating a consolidated tape for UK equity markets on Wednesday to boost capital investment and liquidity. The UK financial regulator launched a consultation on the initiative that would combine data from multiple trading venues across the UK, giving investors a more comprehensive view of the market.
In other UK market news, Bernstein analysts have raised concerns about Ocado Group PLC’s (LON:OCDO) future prospects, particularly regarding its partnership with U.S. retail grocer Kroger Company (NYSE:KR). The analysts warned that several negative catalysts may lie ahead for the online grocery technology firm, including the risk that Kroger could cancel two Customer Fulfillment Centers (CFCs) scheduled to open in 2026. On Tuesday, Kroger announced it would close three Ocado-operated CFCs in Florida, Wisconsin, and Maryland. The retailer will pay Ocado $250 million (£190 million) in compensation for the early shutdown, below the roughly £375 million Bernstein had previously factored into its models.
Meanwhile, the British pound remains under pressure as markets await the U.K. Budget on November 26, though Bank of America analysts note recent stability despite ongoing media crosscurrents. BofA analysts describe the situation as unprecedented, with sterling having been "effectively tied to a string" since early September, awaiting a binary event far into the future. The pound has shown unusual indifference to both domestic data and global risk sentiment during this period.
In corporate news, WH Smith PLC (LON:SMWH) announced that CEO Carl Cowling has resigned with immediate effect following an independent Deloitte review that identified issues in the retailer’s North American division. Cowling also stepped down as a board director.
Smiths Group PLC (LON:SMIN) reported 3.5% organic revenue growth for the quarter ending October 31 and announced a new £1 billion share buyback program. The engineering company plans to complete this program by the end of 2026, following its current £500 million repurchase. The buyback will return "a large portion" of proceeds from the sale of Smiths Interconnect to Molex Electronics Solutions.
Workspace Group PLC (LON:WKP), a UK real estate investment trust, posted flat half-year underlying net rental income of £58.6 million, while trading profit after interest decreased 6.4% to £30.6 million. EPRA NTA fell 6.8% to £7.21 after a 3% like-for-like valuation decline. The company maintained its interim dividend at 9.4 pence. Like-for-like occupancy dropped 2.5% to 80%, and the rent roll declined 3.3%.
Jet2 PLC (LON:JET2) reported record interim results with group revenue rising 5% to £5.34 billion for the half-year ended September 30. Operating profit increased 2% to £715.2 million, while statutory profit after tax reached £600.2 million.
Severn Trent PLC (LON:SVT) saw profit before interest and tax jump 56.5% to £466.2 million in the six months to September 30, as revenue grew 18% to £1.44 billion. The company also announced a CEO change planned for early 2026. Shares fell 1.2% in early London trading.
British Land Company PLC (LON:BLND) reported a 8% increase in underlying profit to £155 million for the six months ended September 30, compared to £143 million a year earlier. Underlying earnings per share rose 1% to 15.4p, and the company increased its dividend by 1% to 12.32p per share.